Coronavirus impact | NPS subscribers can now make partial withdrawals for COVID-19 treatment

PFRDA has allowed subscribers under the NPS to make partial withdrawals for the treatment of COVID-19.

The Pension Fund Regulatory and Development Authority (PFRDA) has permitted subscribers under the National Pension System (NPS) to make partial withdrawals for the treatment of COVID-19.

In a circular dated April 9, 2020, and addressed to stakeholders and subscribers under NPS, the PFRDA said, "In view of the decision of Government of India, which has declared COVID-19 as a pandemic, It has been decided to declare 'COVID-19' as a critical illness which is life-threatening in nature."

Following this, the regulatory body has allowed partial withdrawals in order "to fulfil financial needs of the subscribers, if required to him/her against the request placed for partial withdrawals towards the treatment of illness of subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents".